- Augusta Santos Silva, minister of foreign affairs, Portugal, called for resumption of India-EU Free trade agreement
- VK Singh, the minister of state for external affairs and overseas Indian affairs Portugal can act as an entry point for Indian companies looking to do business in EU.
- Kellogg Co, world’s largest cereal maker, is making large investments in manufacturing and plans to set up its first Research and Development (R&D) facility in India at Taloja, near Mumbai.
- Foxconn has signed a Memorandum of Understanding (MoU) with Maharashtra state government to invest US$ 5 billion over the next three years for setting up a manufacturing unit between Mumbai and Pune.
- Germany-based Thyssen Krupp group is aiming to double its revenue from India to US$ 1 billion in next three-four years while the group’s elevator unit, ThyssenKrupp Elevator, plans to invest US$ 50.5 million to set up a manufacturing plant in Chakan, Pune.
- Swedish home furnishing brand Ikea has made a long-term plan of opening 25 stores in India by making an investment worth Rs. 12,500 crore (US$ 1.9 billion).
- India has the second fastest growing services sector with its compound annual growth rate at nine per cent, just below China’s 10.9 per cent, during the last 11-year period from 2001 to 2012, Russia lags far behind at 5.4 percent.
- India’s retail market is expected to double to $1 trillion by 2020 from $600 billion in 2015 driven by income growth, urbanization and attitudinal shifts. This is in conjunction with average household income expected to triple by 2020, to $18,448 from $6393 in 2010
Stories around business
- The Government of Karnataka has signed an agreement with the Taiwan Electrical and Electronic Manufacturers Association for the purpose of creating a Taiwanese electronic manufacturing cluster near the Bengaluru airport, with an investment expectation of Rs 3,200 crore (US$ 500 million).
- Posco Korea, the multinational Korean steel company, has signed an agreement with Shree Uttam Steel and Power (part of Uttam Galva Group) to set up a steel plant at Satarda in Maharashtra.
- Google has plans to invest Rs. 1,500 crore (US$ 234.3 million) for a new campus in Hyderabad which will be focused on three key areas — Google Education, Google Fiber broadband services and Street view, some of which has already been started.
- Dalian Wanda Group, one of China’s largest real estate firms, has planned to invest US$ 10 billion in India in the next 10 years which will be used to construct retail properties and industrial townships.
Stories from around India
- Prime Minister Narendra Modi did a revamp in the cabinet adding 19 new ministers with some of them being given independent charge for ministries, this is one of the biggest cabinet makeovers in the recent Indian History.
- India’s Annual Solar installations to grow over four times by 2017.
- India is the world’s fifth largest wind energy producer.
- The Government of India has set targets which will take the total renewable capacity to almost 175 GW by the end of 2022. This includes 60 GW from wind power. This is in conjugation with 100% FDI allowed in the sector.
- The government is planning to setup a Single-window clearance for import and export purposes.
- Indian railway is planning to modernize its stations for which Japan has agreed to invest $140 billion over the next 5 years.
- Office’s/partner’s achievements of the month
- Market Insight Consultants Celebrates its 14th Founders Day on 6th June 2016
Make in India is getting a huge boost with Tejas – a 4th Generation fighter jet joined Indian Air Force and soon will join the Navy. The Tejas was designed by Aeronautical Development Agency (ADA) and produced by the public sector aircraft manufacturer, Hindustan Aeronautics Ltd (HAL), both based in Bengaluru. This is despite the government allowing 100% FDI in defense sector.
India is the 9th largest aviation market in the world with a size of around US$ 16 billion and is poised to be the 3rd biggest by 2020.
The Airport Authority of India (AAI) plans to increase the number of operational airports to 250 by the year 2030.